Solana Shifts Focus from Memecoins to Utility-Based Protocols
Solana is currently trading around $130 after dipping below $123 earlier this week, influenced by market fluctuations tied to ongoing tariff discussions and Bitcoin's performance.
Key points include:
- Solana's daily network fees have decreased over 97% from January peaks.
- Transaction volume has significantly dropped, with fewer than 1% of new tokens reaching tradable status.
- New Solana protocols like Zeta Market's trading layer, BlackRock's tokenized $BUIDL fund, and Zebec Network’s crypto debit card are emerging, focusing on utility rather than virality.
- ETF filings from Fidelity and Franklin Templeton for Solana are progressing, and institutional futures products are now live.
- Solana's uptime remains perfect, and validator diversity is stable.
- The price has not yet adjusted to the positive developments in the ecosystem.
Technically, SOL maintains a key support zone. The recent price declines reflect reduced activity, but the underlying infrastructure appears strong. The transition from speculative activity to genuine utility is evident.
The next growth cycle may depend on creating engaging tools and platforms that offer real solutions while retaining an appealing aesthetic.